Hardware:
- Quad-Cored CPUs (one for Graphics, one for Processing, both are Quad Cored) capable of PS3-Level Graphics.
- Multi Touch 5'' Screen with a resolution of 960x544.
- Multi Touch Back panel behind the screen capable of accurate input.
- Front and Rear facing cameras, for use with Camera applicaiton, skype, AR games and probably more (no LED flash as far as I know)
- Same button configuration as PSP, but with additional Analog stick. home button changed to PS button.
- Analog Sticks are actual Sticks, and rumors indicate they are clickable and count as buttons.
- Game Cards and Memory Cards come on two seperate propriety formats, one is SD-Sized and one is Micro-SD sized, not a lot of details on either except the fact that Game Cards will have writable parts similar to DS carts, and those will be used for DLC and saved data, hopefully the latter is optional, the two types obviously suggest two different sockets for them.
- The device has a built-in Mic and Stereo speakers
- The device probably has a headphone jack, and a USB jack of unknown type (presumably Mini-USB for compatibility's sake), Video out is OUT!
- The Device supports Wi-Fi and Bluetooth(Someone confirm this) on both models, and 3G as well (other things?) on the 3G model, 3G will come locked to AT&T in the US, and data pricing has not been announced.
- The game cards are region free.
- The Vita has Sixaxis technology sensors for Tilt controls
- The System has a built-in GPS

Software:
- The device has a new OS, name has not been announced.
- The new OS supports Trophies
- The new OS supports PSN, and the existing PSN Store.
- All PSP (Game?) content currently on the PSN store will be supported on the Vita
- The new OS has a "Party" feature, which sports Cross Game Chat, among other things.
- The new OS has a "Near" feature, which assists you in locating people near you (probably works better with 3G) that have Vitas, and what they're doing.
- The new OS has a "Game Space" feature, which will feature information and connectivity sources for each game (Retail games only?)
- The new OS supports the PS Suite apps (Android based PS family game store recently launched)
- The Vita will somehow support Right-Analog usage in existing PSP games, it is not yet known whether this is game-specific and how this works.
- The Vita has some measure of internal upscaling software when playing PSP games, which should make them look better.